Posted: Fri Oct 05, 2007 1:16 pm
We have recently registered for VAT as our turnover has exceeded the threshold. We retail products where we get a mark up on the wholesale price but we also get a commission based on volume. Our supplier (the manufacturer/importer) is asking for a VAT invoice for the commission. We are concerned that if we include this in Output Tax we will lose 15% of the commission, but are not sure how else to treat it.
Please advise.
thanks
Please advise.
thanks